Larry Chatt here, the broker owner of Island Real Estate of Anna Maria Island, inc. Island Real Estate dominates the local real estate market on Anna Maria Island with our closest competition seeing half our sale volume. We have full time sales professionals only. There are no weekend warriors at our office, only experts of our island micro market. Data for this video is only for Anna Maria Island Florida and is taken from the Mid Florida Multiple listing service. These graphs should be utilized for their relative nature and not as an absolute in determining the value of a property. Use one of our fabulous sales consultants for assistance on market value of an Anna Maria Island property.
The purpose of my video is to review 2014 Anna Maria Island Real Estate statistics. The real estate market on the island has been strong with 2011 posting an average transaction year and 2012 was a phenomenal year as it was our second best transaction year ever with more than 425 real estate transactions for all of 2012. Since 2012 Anna Maria Island has been in 400 transaction territory which is well above average. The best year ever seen was just over 475 annual transactions in 2005 with just under 400 in 2004. If you are waiting to get on the “bus,” that is purchase an Anna Maria Island home I suggest looking seriously now. There is tremendous pressure on prices to go higher since 2013.
Absorption or number of real estate turns is a great indicator of upward or downward market pressure. In this case inventory is lower than average, below normal. I stated earlier the amount of transactions are well above average. So low inventory and high demand creates upward pricing pressure. We have seen some market pressure with an estimate that most Anna Maria Island property in 2013 appreciated 7-9% but if the current trend continues we will see double digit appreciation for a micro market of properties. More specifically private homes that can be rented weekly on canals or within 2 blocks to the beach are in very high demand. Single Family properties in Key Royale have begun to see upward pressure and Gulf Front two bedroom condominiums have seen upward pressure. With the supply and demand curve we expect all single family homes and condos to see fair appreciation in 2014. Finally the sweet spot for Anna Maria Island investors continues to be duplexes requiring renovations. While volume has remained steady there is more inventory for sale of duplexes and less demand so we still feel that multi-family homes, duplexes, are selling at a bargain as it relates to land value and the value of the building.
I hope this quick synopsis of 2014 Anna Maria Island Real Estate assists in educating you of where we have and where we think we will go. As always, please call on anyone of our full time sales professionals to help in your search for your piece of paradise. We would love the opportunity to help. Don’t forget, if you are still kicking tires island real estate offers the widest variety of vacation rentals so visit us on IslandReal.com or call toll free 877 778 6066 if you need any assistance finding a place to hang your hat for a week or three. Thanks for your time and stay warm!
